European stock markets Overview April 19 2011

European stock markets Overview April 19 2011 : European stock markets ended sharply lower Monday, hit by a double whammy of euro-zone debt worries and news Standard & Poor's Ratings Services had revised its outlook on the long-term credit rating of the U.S. to negative from stable. The Stoxx Europe 600 index slumped 1.7% to end at 273.05, weighed by banking stocks.

Markets in Italy and Greece were among the hardest hit, tumbling almost 3%. The news compounded losses for European stocks, already down on worries over euro-zone debt levels. France's CAC 40 index slid 2.4% to 3,881.24, with AXA SA sinking 5.7%, Credit Agricole SA down almost 5% and Societe Generale SA off 3.9%. Shares of Total SA fell 2.4% after the oil giant was downgraded to underperform from neutral by Credit Suisse.

The German DAX 30 index tumbled 2.1% to 7,026.85, with a 5.1% drop in shares of Commerzbank AG and a 2.6% slide for Deutsche Bank AG. Insurer Allianz SE declined 4.8%. Bucking the negative trend, Infineon Technologies AG rose 1.6% after the company said its second-quarter performance will be better than expected.

In London, the FTSE 100 index fell 2.1% to 5,870.08, with banks such as Barclays PLC off 3.6% and Royal Bank of Scotland Group PLC down 2%. Miners were also weak, with Antofagasta PLC and Anglo American PLC both down 5%, making them the two biggest decliners in the FTSE. For the latest updates PRESS CTR + D or visit Stock Market news Today

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